SINGAPORE
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- Recently Cryptocurrency sector in Singapore has been surprised by the recent collapse of Three Arrows Capital (3AC), a cryptocurrency hedge fund.
- Digital currencies like Bitcoin losing roughly half their value since the start of May.
The reason behind increasing crypto investment in Singapore;
- In 2021, Singapore's crypto and blockchain companies have experienced an increase in investment of $1.48 billion; this amount was more than 10 times the previous year.
- Singapore is one of Asia’s main investment banking and asset management centres.
- Huobi, a crypto exchange initially focused on China, now has a major presence in Singapore.
- US crypto exchange firm ‘Gemini’ has set up regional Asia headquarters in Singapore.
- The country has a licencing regime for crypto companies, this attracted many companies.
- Many industries have applied for licences in Singapore.
- DBS, Singapore’s largest bank, has recently launched its crypto exchange.
Singapore
- Singapore is officially known as the Republic of Singapore.
- It is a sovereign island country in Southeast Asia.
- It lies about one degree of latitude north of the equator.
- Borders:
- The Malay Peninsula in the North.
- Strait of Malacca in the West.
- Singapore Strait in the South.
- The South China Sea in the East.
- The Straits of Johor in the North.
- It has the 3rd highest population density in the world.
- Singapore is the only country in Asia with an AAA sovereign credit rating from all major rating agencies.
- It is major aviation, financial and maritime shipping hub.
- It has been consistently been ranked as one of the most expensive cities to live in.
- It ranks high in key social indicators: education, healthcare, quality of life, personal safety, infrastructure and housing.
https://indianexpress.com/article/explained/explained-singapore-rise-falter-asia-crypto-hub-8025408/
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